On the one hand, the Bank must quickly transfer the Customer's foreign transactions, deliver its services to customers following international standards, and on the other hand, cooperate with foreign banking and financial institutions, comply with the laws of the country of the foreign Bank's location, combat domestic money laundering and financing of terrorism (AML/CFT) and the Customer. They are obliged to follow the policy of recognition.
International banks and their regulatory bodies have strict controls and high demands. Banking activities significantly impact not only banks and customers but also foreign relations, the economy, international trade, cooperation, and investment. Therefore, we hope the customer will understand and cooperate that the bank sets specific requirements for customers and customer transactions to fulfil its obligations to customers and cooperative banks.
Why does the bank monitor customer transactions and require transaction-related information?
Since the bank that transmits the transactions of our bank and the recipient bank does not have information about either of the customers on both sides, the transmitting banks require the purpose of the payment to be written, the information of the transferor and the recipient to be complete, and if the information is incorrect, incomplete or unclear, the payment In order to clarify the meaning and obtain information about the transferor and the recipient, measures are taken to delay, reverse, and even isolate and confiscate the transaction.
Control of foreign transactions:
The foreign transaction that the customer transfers is carried out through the international settlement system under the supervision of multiple "Transferring Banks". Each transmitting bank has its anti-trafficking program and implements controls following that program. Also, the bank transmitting the transaction requires our bank to include the information of the transferor, recipient and other necessary information in the transaction being sent, according to the 15th recommendation of FAFT. The "Transmitting Bank" can refuse to transfer the transaction if this requirement is unmet. Therefore, to fulfil the contract terms with the correspondent bank and to support the conditions for the smooth transmission of the customer's payments, the bank performs specific controls on foreign transactions.